The Road Ahead for the Diagnostic And Monitoring Ophthalmic Devices And Equipment Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Diagnostic And Monitoring Ophthalmic Devices And Equipment Market During the Forecast Period, and Why?
The market size of diagnostic and monitoring ophthalmic devices and equipment has experienced robust growth recently. It is projected to increase from $5.22 billion in 2024 to $5.63 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.8%. Factors such as an aging demographic, advancements in ophthalmic imaging technology, a high incidence of eye-related ailments, and the widespread prevalence of diabetes contributed to the growth observed in the historical period.
Over the coming years, the market for diagnostic and monitoring ophthalmic devices and equipment is projected to experience a significant increase in size. It is expected to reach a valuation of $6.78 billion by 2029, with a compound annual growth rate (CAGR) of 4.8%. The growth anticipated in the forecast period can be ascribed to a few key factors like the surge in emerging markets, the advancement of telemedicine and teleophthalmology, value-based healthcare, along with support and reimbursements from regulatory bodies. Further, the introduction of artificial intelligence (AI) integration, portability and handheld devices, home monitoring solutions, and 3D and wide-field imaging will comprise the primary trends during the forecast timeframe.
Which Primary Drivers Are Supporting the Continued Expansion of the Diagnostic And Monitoring Ophthalmic Devices And Equipment Market?
The escalating prevalence of diabetes is speculated to fuel the progression of diagnostic and monitoring apparatus in the ophthalmic devices industry in the near future. Diabetes is a lifelong ailment that arises when the body is incapable of producing or effectively utilizing insulin, a hormone that controls the blood sugar levels. Devices like smart contact lenses, which fall under the category of diagnostic and monitoring equipment in ophthalmology, hold the potential to supervise glucose levels continually and also treat diabetic retinopathy. These devices can keep track of glucose levels wirelessly and dispense real-time data to the wearer. For instance, as reported by the Office for Health Improvement & Disparities, a UK governmental department, in March 2024, from March 2022 to March 2023, there was a 22% rise in type 1 diabetic patients receiving all eight recommended care procedures, while for type 2 diabetes patients, it elevated by 21%. Moreover, the proportion achieving the target HbA1c levels climbed to 37.9%, the topmost mark ever noted by the National Diabetes Audit (NDA). Hence, the rising prevalence of diabetes is propelling the advancement of the diagnostic and monitoring apparatus in the ophthalmic devices industry.
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Which Companies Are Poised to Shape the Future of the Diagnostic And Monitoring Ophthalmic Devices And Equipment Market?
Major companies operating in the diagnostic and monitoring ophthalmic devices and equipment market include Carl Zeiss Meditec, Alcon Inc., Bausch + Lomb, Haag-Streit, Topcon Corporation, Nidek Co. Ltd., Abbott Medical Optics, Johnson and Johnson Vision Care, Essilor International S.A, Ziemer Ophthalmic Systems AG, STAAR Surgical Company, Ellex, Quantel Medical Inc, Optovue, Canon Inc., Halma plc, Coburn Technologies Inc., Kowa Company Ltd., AMETEK Inc., AbbVie Inc., Hoya Corporation, Ridex Corporation, CIBA Vision Corporation, CooperVision, Gulden Ophthalmics, Glaukos Corporation, FCI Ophthalmics, Matronix India Corporation, HEINE Optotechnik, Visionix Ltd., Neo Vision, Clear Lab, Appasamy Associates, Ophtec BV, Lumenis, Intuvision Labs, Ocular Instruments, Ophthalmic Instruments Company, Keeler Ltd., Oculus, Reichert Technologies, Tomey Corporation, US Ophthalmic
What Are the Latest Innovations and Trends Influencing the Diagnostic And Monitoring Ophthalmic Devices And Equipment Market?
Leading enterprises in the ophthalmic devices market, specifically those dealing with diagnostic and monitoring equipment, are conceiving innovative offerings such as Smart contact lenses. These advancements leverage smart soft contact lens technology, a relatively new development, allowing for round-the-clock intraocular pressure (IOP) surveillance in managing glaucoma care. For instance, BVS Sight Inc., a company based in the US, introduced Smart contact lenses making use of smart soft contact lens technology in January 2023. These Smart soft contact lenses are designed incorporating multiple commercial soft contact lens brands, while retaining their fundamental properties such as lens power, biocompatibility, softness, transparency, wettability, oxygen permeability, and suitability for overnight use.
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Which Growth-Oriented Segments of the Diagnostic And Monitoring Ophthalmic Devices And Equipment Market Are Leading the Industry’s Development?
The diagnostic and monitoring ophthalmic devices and equipment market covered in this report is segmented –
1) By Product Type: Optical Coherence Tomographers, Ophthalmic Ultrasound Imaging Systems, Fundus Cameras, Ophthalmoscopes, Keratometers, Specular Microscopes., Tonometers, Slit Lamps, Retinoscopes, Other Products
2) By Application: Retinal Evaluation, Glaucoma Detection And Monitoring, Surgical Evaluation, General Examine, Intraoperative Devices, Refraction Equipment
3) By End User: Hospitals, Clinics, Diagnostic Laboratories, Research Centers
Subsegments:
1) By Optical Coherence Tomographers: Time-Domain OCT (TD-OCT), Spectral-Domain OCT (SD-OCT), Swept-Source OCT (SS-OCT)
2) By Ophthalmic Ultrasound Imaging Systems: B-Scan Ultrasound, A-Scan Ultrasound, Pachymetry Ultrasound
3) By Fundus Cameras: Digital Fundus Cameras, Non-Mydriatic Fundus Cameras, Mydriatic Fundus Cameras, Wide-Field Fundus Cameras
4) By Ophthalmoscopes: Direct Ophthalmoscopes, Indirect Ophthalmoscopes
5) By Keratometers: Manual Keratometers, Automated Keratometers
6) By Specular Microscopes: Contact Specular Microscopes, Non-Contact Specular Microscopes
7) By Tonometers: Applanation Tonometers, Non-Contact Tonometers, Indentation Tonometers, Rebound Tonometers
8) By Slit Lamps: Manual Slit Lamps, Digital Slit Lamps, Portable Slit Lamps
9) By Retinoscopes: Handheld Retinoscopes, Tabletop Retinoscopes
10) By Other Products: Dioptometers, Optotype Projector, Perimeters (Static Perimeters, Kinetic Perimeters), Biometers (Optical Biometers, Ultrasound Biometers), Pachymeters, Autorefractors Or Phoropters, Corneal Topographers, Wavefront Aberrometers
What Regions Are Contributing Significantly to the Growth of the Diagnostic And Monitoring Ophthalmic Devices And Equipment Market?
North America was the largest region in the global diagnostic and monitoring ophthalmic devices and equipment market in 2023. Asia-Pacific was the second-largest region in diagnostic and monitoring ophthalmic devices and equipment market. The regions covered in the diagnostic and monitoring ophthalmic devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
How Is the Definition of the Diagnostic And Monitoring Ophthalmic Devices And Equipment Market Impacting Future Growth?
Diagnostic and monitoring ophthalmic devices and equipment are used for the diagnosis and monitoring of diseases related to the retina and cornea by measuring affix lenses and refractive errors. These devices also help identify the intraocular lenses (IOLs) and analyze the visual field.
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